Established in 1891, the NALC Mutual Benefit Association (MBA) has served carriers for over 125 years by offering affordable products in life insurance, health insurance supplements, and annuities which benefit NALC members, as well as immediate family and employees of the NALC. This group is overseen by NALC director of life insurance Myra Warren, who has held the post since 2005.
To view the MBA web page from the NALC national site, click here.
An overview of current MBA products is listed below; click on the name of the product to view/print the full brocure:
Paid Up at Age 90 Whole Life Insurance
Paid Up at Age 65 Whole Life Insurance
Paid Up in 20 Years Whole Life Insurance
A distinct advantage of the above products over the federal life insurance given to employees (FEGLI) is the benefit/premium profile after retirement. In FEGLI, premiums go up at different age thresholds throughout your employment, and go up sharply during retirement age, while these MBA policies keep the same premium amounts, or eliminate premiums, during retirement, while keeping benefits in full force for as long as you want the policy.
10 Year Renewable and Convertible Term Life Insurance
Hospital Plus
Retirement Savings Plan
CCA Retirement Savings Plan
Family Retirement Savings Plan
To view the MBA web page from the NALC national site, click here.
An overview of current MBA products is listed below; click on the name of the product to view/print the full brocure:
Paid Up at Age 90 Whole Life Insurance
- Premiums can be paid once/year, once/month, or bi-weekly via payroll deduction
- Policy is paid up on the anniversary after age 90
- Builds cash value which can be borrowed against in time of need
- Can trade in policy for lump sum cash value or monthly supplement to your income
Paid Up at Age 65 Whole Life Insurance
- Premiums can be paid once/year, once/month, or bi-weekly via payroll deduction
- Policy is paid up on the anniversary after age 65, and remains in effect for life unless surrendered
- Builds cash value which can be borrowed against in time of need
- Can trade in policy for its cash value
- Customized for those who want to end financial obligations at retirement while still having full coverage
Paid Up in 20 Years Whole Life Insurance
- Premiums can be paid once/year, once/month, or bi-weekly via payroll deduction
- Policy is paid up after 20 years, and remains in effect for life unless surrendered
- Builds cash value which can be borrowed against in time of need
- Can trade in policy for its cash value
- Customized for individuals who want to cover young children until they are grown, or themselves while they are at their highest earning potential
- Premiums paid in one lump sum payment
- Remains in effect for life unless surrendered
- Immediate cash value which can be borrowed against in time of need
- Dividends can be kept on account to increase cash value of policy, amount of benefit, or can be collected via issued check to the policy owner
A distinct advantage of the above products over the federal life insurance given to employees (FEGLI) is the benefit/premium profile after retirement. In FEGLI, premiums go up at different age thresholds throughout your employment, and go up sharply during retirement age, while these MBA policies keep the same premium amounts, or eliminate premiums, during retirement, while keeping benefits in full force for as long as you want the policy.
10 Year Renewable and Convertible Term Life Insurance
- Premiums can be paid once/year, once/month, or bi-weekly via payroll deduction
- Policy is in effect for 10 years, at which point it can be renewed at a premium recalculated for your age
- Can be converted to one of the above Whole Life policies at up to equal coverage until age 65 (if not on permanent disability)
- Customized for individuals who want the lowest possible premiums, as no portion is being set aside to build cash value
Hospital Plus
- Supplements any existing health insurance coverage
- Pays for any nights hospitalized - can choose up to $100 coverage per day for self self/spouse, or self/spouse/children
- Starting premium depends on age, but stays the same as long as policy is continued
- Pays up to 365 continuous days on the same claim
Retirement Savings Plan
- Supplements pension and retirement plans
- Can choose to invest in a Traditional IRA, Roth IRA, or non-qualified annuity
- Can invest as little as $15 to start account
- Can make contributions in lump sums at any time, yearly payments, monthly payments, or bi-weekly payroll deductions
- Can choose among four ways to collect monthly benefits after retirement
CCA Retirement Savings Plan
- Customized for CCA's who want to get a head start on retirement savings before career carrier Thrift Savings Plan eligibility
- Can choose to invest in a Traditional IRA or Roth IRA
- Can invest as little as $15 to start account
- Can make contributions in lump sums at any time, yearly payments, monthly payments, or bi-weekly payroll deductions
- Can roll funds into a Tsp account when becoming a career carrier without surrender charge
- Can choose among four ways to collect monthly benefits after retirement
Family Retirement Savings Plan
- Customized for the children, grandchildren, or great-grandchildren (natural or step) of NALC members
- Can choose to invest in a Traditional IRA, Roth IRA, or non-qualified annuity
- Can choose as little as $25/month contribution after initial $1000 investment
- Can choose investment schedule
